Chinese Bitcoin Exchange OKCoin Stops Accepting American Bitcoin Deposits -

Chinese Bitcoin Exchange OKCoin Stops Accepting American Bitcoin Deposits


American users of have been informed that they cannot deposit USD, Bitcoin or Litecoin to OKCoin anymore. The Chinese Bitcoin exchange cites regulatory issues and also states that the ban on American deposits is temporary. OKCoin representatives have apologized for the inconvenience and confirmed that the ban is due to regulatory uncertainty. OKCoin is still allowing American users to withdraw their money and trade on their platform; however, there is no timeline for the return of Bitcoin deposits.

Also read: OKCoin to Expand Bitcoin Adoption with New Service

OKCoin Bans American USD, Litecoin, and Bitcoin Deposits

Bitcoinist_OKCoinWhile some American users have still been able to fund their accounts by using old Bitcoin deposit addresses, the Chinese Bitcoin company has made it clear that this isn’t currently allowed. On the surface, this means that the exchange’s overseers made the decision to stop accepting American deposits before changing their back end to reflect the same decision. American users that deposit bitcoin by this method may find that path cleared quickly.

OKCoin has been working to expand Bitcoin in China with OKLink and made international moves with the opening of (not their .cn, China-facing website) to facilitate an international Bitcoin exchange. By getting rid of deposits, OKCoin has now caused many users to wonder if withdrawals are next. Or, at the very least, what kind of regulation is brewing in the United States that could warrant such a response.

Images from OKCoin.

Caleb Chen

  • RJF

    It’s not US regulation they need to be concerned about. There are plenty of exchanges out there, putting you funds in China is gamble at best.

  • andrea

    much the same with PM ( perfect money) I was notified yesterday online, that it is no longer able to make US based IP member transactions. Luckily , i did not have a great amount in the account , but was planning on using it for my BTC investments accounts. but ALAS no more /no mas.! that’s OK , there are plenty of fish in the sea.